Business

 

 

Bond-Pro Company Edition

A Complete, Out-of-the-Box Solution

Our Company Edition product provides "out-of-the-box": Underwriting, Claims Management, Reinsurance, Reserves & Collateral Management, Financial Analysis and Reporting.

 

FUNCTIONALITY INCLUDES:

AUTOMATED UNDERWRITING & BOND PROCESSING ENGINE

Provides surety carriers the ability to completely automate the underwriting and processing of commercial bonds. 

 

Users sign into carrier's secure extranet site and complete commercial bond applications. Using the carriers underwriting rules, the system electronically and automatically obtains the applicable underwriting information (i.e. credit score) from internal and/or external data sources and compares the information from the online bond application to the results of the underwriting rule. If the bond is approved, the appropriate bond form is automatically generated for the agency/principal including the powers of attorney needed to execute and file the bond, and an online payment request. The bond is delivered in a PDF document in real time to the producer/agency/principal. 

 

UNDERWRITING
Provides complete and real time visibility and communications between all personnel and departments.

 

AUTOMATED FINANCIAL ANALYSIS
Provides full set of financial statements with calculated key metrics and ratios. 

 

CLAIMS PROCESSING
Full claims processing, tracking and reporting.  Monitor and report adjusters open files , aging's, status and alerts.  Track and report subrogation.

 

LOSS RATIOS & PROFITABILITY
Ability to track and report real time loss ratios and profitability by bond type, agency, etc.

 

COLLATERAL MANAGEMENT
Manage collateral relating to bonds including applying collateral to claims.

 

REINSURANCE TREATIES
Manage, track and report multiple reinsurance treaties.

 

CEDED PREMIUMS & LOSSES
Automatically calculates the amount due reinsurers  based on treaty.

 

ENFORCE LIMITS BY CATEGORY
Set alerts on reinsurance treaty amounts

 

ELECTRONIC BONDING
Provides an interface to allow electronic submission of bond requests, work-in-progress  and principal’s financials.

 

INTERNET PORTAL
Allows principals and agencies to electronically request, communicate and share information via the carrier Internet portal.

 

RESERVES
Automatically calculates and alerts on reserve level requirements on either set dollar amounts or percentage.

 

HARD POWER AUDITING
Ability to assign unique power numbers by agency. Automatically generates custom letters to agencies to audit and reconcile  outstanding hard powers.  Prevents and alerts fraudulent use of hard powers.

 

INTEGRATION
Allows integration to other enterprise systems and supports data connections from multiple parties in multiple ways.  Templates include:

- Accounting Systems
- 1099 Reporting Systems
- Check Writing & Bank Systems
- Custom Interfaces